Gunnison Copper raises C$34.5M through bought deal financing

Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) announced that it has completed its previously announced bought deal public offering, raising approximately C$34.5 million in gross proceeds to support development of its Arizona copper project.

The company issued 82.1 million common shares at a price of C$0.42 per share, a figure that includes the full exercise of the underwriters' over-allotment option for an additional 10.7 million shares.

The offering was led by Canaccord Genuity as sole bookrunner.

The underwriting syndicate also included Paradigm Capital as co-lead underwriter, along with Ventum Financial and CIBC Capital Markets.

Gunnison said it intends to use the net proceeds to advance the Gunnison Copper Project in Arizona, while also funding working capital requirements and general corporate purposes.